Apr

18

Foreclosures

April 18, 2008 |

Foreclosures jump 57 percent in last 12 months and it’s not over yet.

In numbers calculated from realtytrac, one out of every 558 single family households in the US experienced some form of foreclosure filing in March.

Between March 2007 and March 2008 there has been an increase of 129% for foreclosure filings.
In California, one in every 204 homes was subject to a foreclosure filing in March for a total of 64,711 properties.  March filings were up almost 21 percent from February and approximately 106 percent from a year ago March.
Analyst’s predict foreclosures to hit record levels during the third and forth quarter of 2008 based on the NOD (Notice of Defaults) the lenders are now mailing. It generally takes 3 -4 months in California from the NOD to complete foreclosure.


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